When you manage and or lease a shopping centre, the vacancies in shop leasing can be a real drag on shopping centre performance and retail sales, particularly so over time. It takes time to boost shopping centre performance, and similarly so to remove leasing and tenant mix problems. Any current or upcoming shop vacancy in a tenant mix should be resolved quickly and directly before they slow down customer interest and shopping frequency.
It is important that the customers to the property do not feel that there is an issue in occupancy and retail offering. You can fill vacancies with ‘pop up shops’, as well as extensions of trade for existing retailers. When a retailer is trading well, see if they want to expand their shop or have a special ‘sale’ outlet at certain times of the year. There are many ways to get around a vacant shop and leasing problem if you think about things and talk to your tenants.
Real strategies are required to ensure that the tenancy mix works in a comprehensive way for both customers and the landlord. From property to property, strategies and issues will always vary. Understand what works and know how to make that happen with tenants and customer based solutions. Retail sales are a strange equation requiring care and attention to detail from beginning to end.
In this podcast today, you can learn how to reduce the threat of a vacancy in your tenancy mix and across your shopping centre. Importantly you should have some strategies to address these things well in advance.
Here is the podcast: